XRP Utility Fork Incoming – Here's How to Prepare for the Highly Anticipated Flare Airdrop

XRP Utility Fork Incoming – Here’s How to Prepare for the Highly Anticipated Flare Airdrop

20 November 2020

in XRP

Reading Time: 2 mins read

Flare Networks’ airdrop is on the way, giving XRP investors a few more weeks to prepare for the opportunity to earn Spark, the smart contract platform’s new governance token.

Crypto investors who register their XRP in an eligible account will receive free Spark tokens in a 1:1 ratio when the Ripple-backed blockchain company holds its “snapshot day” on December 12th. Recipients will retain ownership of their XRP holdings while receiving the new tokens.

Flare is expanding the use cases of the fourth-largest cryptocurrency by market cap by allowing users to run smart contracts on XRP. More than just a governance token, users can also leverage Spark as collateral to redeem assets in Flare’s ecosystem.

More than 20 exchanges have said they will support the airdrop and distribute Spark tokens pro-rata to their customers based on their XRP holdings, according to Flare.

Those who self-custody or store their XRP in a non-participating exchange can also earn Spark. In a Coil post, XRPL Labs founder Wietse Wind says that if XRP ledger account holders have a private and key account for Flare, they can participate in the airdrop.

Wind has developed a tool to make the process easier, detailing how account holders can prove ownership to be eligible.

“XRP ledger account holders will prove account ownership by signing a reference, pointing at their account on the Flare network. This reference will be stored in a ‘MessageKey’ field on the account level on the XRP ledger.

This means your ‘r…’ account address on the XRP ledger will point at your own ‘0x…’ account on the Flare network…

[Flare] will read all XRP ledger accounts pointing at Flare network accounts, check their balance and distribute an equal amount of Spark tokens to the Flare network account pointed at in the XRP ledger account.”

An early November update from Flare indicated there were more than 295 million XRP contained in XRPL accounts set to receive the Spark token.

Check Latest News Headlines

Check out the Latest Industry Announcements